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The Cancel Loan After Approval Letter is a crucial document in New Zealand's lending landscape, used when a borrower decides not to proceed with a loan after receiving approval but before or shortly after the funds are drawn down. This document type is essential in situations where circumstances have changed, better financing options have become available, or the borrower's needs have shifted. It must comply with New Zealand's Credit Contracts and Consumer Finance Act 2003 and related regulations, ensuring proper documentation of the cancellation request and protecting both parties' interests. The letter typically includes reference to the original loan approval, confirmation of any funds drawn or undrawn, and details of any applicable fees or charges. This document helps maintain clear communication between parties and provides an audit trail for regulatory compliance.

1. Letter Header and Date: Formal letter header including sender's details, recipient's details, and date

2. Loan Reference Details: Clear identification of the loan approval being cancelled, including approval date and reference numbers

3. Formal Cancellation Request: Clear statement of intention to cancel the approved loan

4. Reason for Cancellation: Brief explanation of the cancellation reason (if appropriate)

5. Confirmation of No Funds Drawn: Statement confirming no funds have been drawn from the approved loan

6. Request for Confirmation: Request for written confirmation of the cancellation

7. Contact Information: Details for any follow-up communication